Market Wrap (recording & summary)

Wednesday’s 39-point rally up to 2401.00 had extended higher through each intraday timing window. The last one broke lower to 2365.00, the afternoon bias environment’s low.  The break extended lower post-close down to 2392.75, the noon hour’s low. Lower lows overnight could test 2387.25 before even threatening to reverse the trend down.

Thursday is meanwhile likely to probe above Wednesday’s high, whether to 2405.50 or 2418.00. Even if Wednesday’s late drop were extended down to 2387.25, a probe above Wednesday’s high remains likely.

Wednesday’s late break originated too late and was too shallow to reverse the trend down. So, extending down any deeper overnight would still be likely to recover before becoming a substantial decline.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.